Indiabulls Housing Finance is showing a Breakout retest after showing a Bullish RSI Divergence on the Daily timeframe. Hilega-Milega is positive and RS 55 is bullish as well. Stock is near the high of the previous day after range contraction for 2 days continuously.
This stock is a wonderful case study on support / resistance levels and Wyckoff reaccumulation. Notice how price has been consolidating near the all-time-highs. Notice the breakout and retest in the daily chart. A nice chart and am long today..
The stock has been in a corrective mode off-late. Lot of interesting developments in the chart in the past few days. Price has bounced off the prior breakout zone. The correction has also been arrested at the medianline of the downsloping fork.
Price action today is promising. A close today near the days high backed by volume spike will be a a welcome bullish...
This is an example of the simple concept of breakout & retest. Notice how price corrects hesitantly even as trading volume dries up. This is classic signature of a stock in an uptrend. Notice the breakout today with higher volume.
Everything suggests buyers are active in the stock. Keep it in your watchlist.
